Delta cleared to exit Chapter 11.

From the AJC:

New York — Delta Air Lines got clearance from a federal bankruptcy judge Wednesday to complete its grueling 19-month Chapter 11 case, which is expected to be officially closed next week.

At an afternoon hearing in Manhattan, U.S. Bankruptcy Judge Adlai Hardin confirmed Delta’s reorganization plan, which cuts the airline’s debt nearly in half while giving creditors billions in new stock.

“Bravo to all of you. I will sign the order,” the judge said at the end of the 2-hour hearing in a packed courtroom. “Is our business concluded?”

Approval came after Hardin overruled objections from a handful of creditor groups, including a group of bondholders that wanted the plan delayed.

Approval was virtually a foregone conclusion, however, after 95 percent of creditors overwhelmingly endorsed Delta’s plan earlier this month.

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